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with things that might do better. >> there are 9 states who don't have a personal income tax. you compare the state of vermont with the state of new hampshire. new hampshire has no sales tax or personal income tax and does better over time than the neighboring state of vermont that is a so-called progressive state. on a national level change the constitution or we will end up with a income and a consumption tax. >> unfortunately the constitution was changed in order to bring in the income tax. >> you have to change or we would get the both. >> you are against the idea of bobby gindale. >> i don't like sales tax. we saw the experiment in europe with that. they are onerous often than income tax . they are sneaky, too. it is vast and they are put in every element of sales and you don't know what the true tax rate and the cost. gin dale's program is to replace one source of government to do with another. it doesn't reduce what john and i would like to reduce the flow of money to the government. >> milton freeman didn't like national sales tax because it is too easy for governments to raise mo
was the least rotten apple they could have gotten. >> paul: a rancid deal and i don't like the spinach reference. how much damage is there to the economy from in bill? >> well, i prefer the least rotten apple than spinach. i think that the two big problems here, people who believe that the rich should pay more do not understand the effects of marginal rates. when you raise marginal rates-- >> the next dollar of income that you earn. >> right, it lowers the incentive of the people that you want it take risk and to innovate and to create. that's one problem. so it will affect the growth of the economy. the other problem is, it does affect tax revenues. the guys with the green eye shades say well if we raise the taxes this much, we'll get this much more revenue. if you lower the incentive of people to take risk, generally what happens, revenue does not come in. >> paul: you don't get as much as you think you'll do. >> exactly. >> here, mary, look, the economy seemed, the stock market loved it, the hs blew out the next day and up based on the prospect that something would get d
generally that revenue doesn't come in. >> paul: so you don't get as much as you think. mary, the economy seems to be -- the stock market loved this. they blew out the next day and based on the prospect something would get done. how long go market is recovering. the economy and job market still not great, 155,000 new jobs, but the economy does seem to be doing okay. >> i think that is probably okay. the economy will do okay. but when you have an unemployment at 7.8% and really stubbornly not budging, you want to do something that something more for the economy than just okay, muddling through. if you are president you can say why you are feeling it but there are lot of people feeling the slow growth. it's disappointing we weren't able to do something has more of a positive impact. >> there were a couple big words attached. one was uncertainty, the economy needed certainty and the other was a prospect of a recession. i think the deal undoubtedly does avoid a recession. we're not going to have negative growth, but we are probably going to have growth as we have had for the last two years of
of alabama. no, i'm dead serious. i'm not really that shocked. >> you don't want to end up like brent musburger. >> no, it's the opposite of brent musburger, and i'm dead serious. if you go to ole miss, if you go to the university of alabama, if you go to auburn, even. i guess you yankees aren't used to -- >> we don't have that in the north. >> no, i'm dead serious. i mean, you look -- you know what? seriously, i looked at that picture and said, she's pretty. and you know what she looks like? she looks like a lot of other really pretty sorority girls at university of alabama or ole miss or auburn or i don't know. do you guys have them up at swanee? >> absolutely. >> i mean sororities. >> yeah. >> do you have sororities? >> absolutely. >> it's just not all that. get over it, move on. >> he doesn't get out a lot. >> you've got a dynasty. >> this is a different kind of s.e.c. dynasty. >> yeah. but we're used to it. we're used to it. >> this is not going to go on for nine minutes. >> you know what is going to go on for nine minutes, though? seriously, seriously, aig. >> aig. >> you know,
, is he not white enough? i don't care if he's trying to get attention or not you're a journalist and supposed to put things out that people want to hear. >> sean: great comments. greta is next, see you tomorrow. >> tonight, is president obama doing a power grab, bypassing congress to do just what he wants to do, cutting out the co-equal branch of congress. and newt gingrich is here to talk about the potential for power grab. "on the record" starts now. >> a bunch of liberal democrats worried about guns talking about using executive orders, what could it possibly be about? a gun grab. >> the president is going to pact through executive orders, executive action can be taken. >> if you have a president who thinks that executive orders trump the constitution, it doesn't really matter how many americans think that the constitution guarantees them the right to own a gun. >> the latest on a gruesome murder trial underway in phoenix right now. >> she already said, i did it, so the only thing that the jury is trying to determine here is was this really self-defense. >> how he treated her
are not going to want to come as somebody's deputy. i don't know how they're going to fill out the lew treasury department, but i expect they will take some care and attention to tending those relationships. but when you look at the big guns on wall street, they're not going to go in as somebody's number two. >> john, was jack lew the first and only choice? >> that's been the principal focus of speculation from the beginning. i remember having a conversation with roger altman who is a friend of this program and somebody that served in the clinton administration about after the election how the president was going to fill out his cabinet. and he said if you look at the pattern that this president has followed, it has tended to pick people close to him who he feels very comfortable with. the criticism of president obama from some is that he's insular and that he has a very close circle. the positive of that is that it's a pretty cohesive group and he deals with people that he's comfortable with. and jack lew is clearly one of those people. >> you know, john, i know when you read the "new york tim
for the last five years, and this is the first month with an impressive number, but the money is spent. you don't want to trade on that. the question is one month is not a trend make. we need to see what happens, but, again, i think why you're seeing this stall, if you will, near the highs is because of the technical analysis impacting the market. liz: got it. you prefaced that before you came on the show. ed to -- todd at the cme. when ben talks about that technical exhaustion on certain levels of the market, i mean, everybody's talking about 1470 for the s&p, and that's important to hold. what are you looking at? what are you talking about? >> good afternoon, liz. you know, we are -- the problem here is there's no volatility, no volume, way too much complacency in the market. liz: what are you looking at now? historically at this point? >> it's a downward trading at 70% of normal volume right now, and so the s&p is trading at about -- the s&p futures trieding at 75% of normal volume. when you see low volumes, it's overall way too come place sent. we know what happens when people are comfortab
sheets. >> china looking better, europe not as bad. >> you're, i don't know about that. >> well, we call this the economy in a coma. basically without these trillions of dollars of stimulus, we would be in a downturn, in a depression because we also have 42 trillion in private debt, the greatest debt bubble in history and that needs to unwind. basically ben bernanke and the economists are just saying we're just not going to let this slowdown happen. we're not going to let the debt de-leverage. if you don't let the debt de-leverage or restructure japan, the same thing japan has done, quantitative easing forever, you never come out of this because the debt keeps weighing on the economy so not only do you have slowing demographics. we've got a 200 to 300-pound weight on our back and you can't run very fast. we get 2% growth with massive life support. we're in the emergency room on life support only because of this trillions of dollars of stimulus. i guarantee -- >> what's the catalyst? >> you take away this stimulus for one year, and this economy dies. >> harry, stay right there. want to ge
and played -- i don't know. it was bad. >> i really went to bed. >> if i didn't stay up the previous night -- >> i know. >> you didn't stay up for it? >> i did not. and if i didn't stay up to that, i'm not staying up for some football game, i'll tell you that. >> my soap opera boys who are here. >> i was thinking about you watching the -- because we hadn't seen the actual end of season two. and i was thinking about what you're missing. there's no way you should not be watching it. >> eventually i will watch it. >> there are. >> i can watch the one that's on. i need to watch it when i -- it's like the new way people view. when you can, when you get a chance. >> did you see that michelle caruso cabrera has the third season on dvd? >> she gave me my soap. >> she did? >> she did. >> she came over the other day. you weren't there at the time, but she was going to show them off. >> yeah. >> let's start with the markets this morning, as well. the s&p retreating from a five-year high yesterday. the stocks finished the session off their lows. u.s. equities are indicated a little weaker. dow futures
was no underwriting. this lender by the way saddled with the new york attorney general's office because i don't know of you guys remember, it was called the preferred lender list where you know lenders were in some cases accused of paying b-schools for preferential treatment and for them to steer students toward a particular loan products. that was the case with this lender. when you think about, you can sort of understand some of the anger and how a generation may rightly feel very duped in some ways and stock with very little relief at this point now that they are so far in debt. >> now a look at the tenure and legacy of house speaker john boehner. we will show you as much of the "washington journal" segment as we can until the richard nixon 100 birthday gala in about half an hour. >> host: on wednesday here in the "washington journal" in our last hour taking look at a recent magazine piece. we are joined by robert costa at national review to talk about a couple of pieces you have written. we will start with the most recent. "boehner the survivor" is what you wrote on january 4, 2014. 13, excuse m
. >> greg: lies! united states, not the world. >> bob: don't interrupt me. >> greg: you can't do this. global warming is not the united states warning. >> bob: galileo would not be surprised by this. >> bob: you don't get -- >> dana: that is it for "the five." sigh you tomorrow. >> bret: is it common sense to prevent mass shooting or gun control measures? there are signals that the president might not wait for permission from congress to start. this is "special report." good evening. i'm bret baier. what to do about gun violence that left 20 children dead is front and center tonight. vice president biden began his work to find solutions. he hinted that president obama might not wait for congress before taking action. political correspondent carl ram ron. >> they opened the first meeting with victim and gun safety groups and recalled the rampage that killed 20 children. in connecticut last month. >> i don't think anything touched the heart of the american people profoundly, seeing the young children. >> the president promised quick response in wake of the attack and biden said the legi
first and how that's anti-semitic i don't know and that's the issue as far as i can tell regarding the rhetoric of hagel. >> john, another issue of particular of those like me on the left is hagel's comments that he made back in 1998 opposing president clinton's ambassador or nominee to be ambassador calling him openly aggressively gay and recently apologized for the comments and you were really instrumental in getting don't ask don't tell repelled so how do people with an equality for lgbt community and square those comments with supporting hagel's nomination? >> well, we obviously were involved in supporting, you know, a lot of lgbt community, the argument is if you served in iraq and afghanistan and three times why are you kicked out when we're redeployed? i think senator hagel will support the president's policy with lgbt equality and i think that senator hagel did a great job to apologize for it. it wasn't an appropriate statement and something i agree with. when it comes down to the issues of the pentagon that's important like nuclear waste and discretionary spending in the b
been 1351 days since congress passed a budget. but here at "money" we don't whine. we fix things. today's power panel is here to help bridge the budget divide and finally put the mess behind us. >>> plus is slumming it apple's plan for world domination? the iphone supremacy is waning. there is word a lower end model is in the works. is it proof the phone, the iphone is finally past its sell date? we have the latest details. >>> and you get a comeback. you get a comeback. you get a comeback. lance armstrong agrees to a tell-all interview with oprah, in case you didn't know who i was impersonating there. will this resurrect his shattered brand? even when they say it's not it is always about money melissa: all right, first let's take a look at the day's market headlines. alcoa stronger than expected fourth quarter earnings help stocks snap a two-day losing streak. the dow gained 61 points. >>> aig will not sue the u.s. government over its $182 billion bailout. its board of directors refused to join a $25 billion lawsuit led by former aig chief hank greenberg in its entirety. the suit alleg
. people can't just respect you, they have to fear you. if they don't fear you, they will not make the necessary changes. >> is there anybody out there who could be that person? >> too early to tell. we just had an election. people are already starting to talk about the horse race for 2016. you do elections -- >> hillary's up. >> we have a serious, serious problem that we need to address. fiscal, education, immigration, infrastructure, health care costs. i can go on and on. even the guns issue. >> the show is over. thank you for being here. >> it's a pleasure. >>> thank you, david. have a great weekend, everybody. right now it's time for "squawk on the street." >>> good friday morning. welcome to "squawk on the street." i'm carl with melissa lee, jim cramer, david faber at the new york stock exchange. let's look at futures on a friday morning. mild action here. we are paying attention to the mutual fund inflows. as for europe, disappointing industrial production numbers in spain and the uk. but the euro is at a nine-month high this morning. we begin with the s&p, a five-year high.
, but by almost any measurement, somewhere between three and eight million more will lose their homes if woe don't do something. so, i'd argue, it's not in the rearview mirror. in fact it's in front of us. who bears the cost or what's the consequence? there's lots of consequences, obviously. first and foremost, families who are disrupted and taken from their homes. and it's worth thinking about the numbers. we're talking tree or four our five million more families. that's as many as 20 million more americans. why it's a problem? mike alluded to. when you're underwater, your behavior changes. you don't spend as much money oning in. the only thing you consume more of is healthcare because are in the stress, look at the numbers, that goes up. so the costs are significant, both the families, and i'd argue to society, and obviously the communities in which these people live. foreclosures cost both hard dollars and soft dollars. there are property tax issues, and the consequences felt by all of us. >> mr. miller, do you have anything to add to that? in particular, road blocks to solutions. >> i don't
the redskins compromised his safety? carol says yes. it was apparent he was hurt. tom says i don't think it was the coaches. i think it was rg3 determined to stay in the game because he thought he was the only one who could win the game. personal pride. karen says rg3 says he wanted to stay in the game. he is responsible for his own actions. >> just like players who hurt each other with hits, he should be fined. thanks to everybody who responded. >> everyone is talking about this. have a great day, everybody. "fox & friends" starts now. >> have a good day. congratulations, alabama. >> good morning everybody. today is tuesday, january 8, think of the. >> the lone man arrested for the attack on the consolate in p libya has been freed. >> a lottery winner comes forward to claim his money prize. one day later the guy, pictured there, is dead. at first after calling it a natural death investigators are changing their story. >> last night national championship game. >> you quarterbacks, you get all the good-looking woman. what a beautiful woman. a.j. is doing -- whoa. >>brian: i missed four pl
, with our $1 million service guarantee. don't wait until you become the next victim. you have so much to protect and nothing to lose when you call lifelock now to get two full months of identity theft protection risk free. that's right, 60 days risk-free. use promo code: gethelp. if you're not completely satisfied, notify lifelock and you won't pay a cent. order now and also get this shredder to keep your documents out of the wrong hands-- a $29 dollar value, free. get protected now. call the number on your screen or go to lifelock.com to try lifelock protection risk free for a full 60 days. use promo code: gethelp. plus get this document shredder free-- but only if you act right now. call the number on your screen now! >> opening bell coming up in a few seconds, we're expecting a very small gain for the dow industrials. we've been in a fairly narrow range for some time now for the dow. 13-2, 13-3, round about that level. the big thing on the horizon, of course, is this debt ceiling debate that's going to start, it's already started and that's coming up very soon. and that may be ano
live on surfaces. a lot of people don't realize this. they can stay on these stays for eight hours. say your co-worker is sick, you touch their keyboard, you touch your nose or mouth and now you're infected. the problem escalates if you spend several hours in tight quarters like an airplane. passengers in two rows or behind of the infected person at highest risk. the best way to kill germs is to wash your hands and do it often. use real so and real water. the problem is that most people don't actually wash their hands long enough. my best advice, actually sing the happy birthday song twice while you're washing your hands. it's not quick to get rid of these viruses. another key to prevention is getting the flu shot. getting vaccinated, reduces your risk of getting the flu by around 60%. another benefit, martin, to getting your flu shot is if you do get sick your symptoms won't last as long and be as severe as compared to those who weren't vaccinates. >> parents of children diagnosed with the flu might have another problem on their hands. a shortage of the drug that's prescribed to childr
it to me i went i don't think so, but then i wanted it every single day. >> really delicious. we're getting a lot of twitter feedback on our giving up wine from the show. cheryl wrote, giving up wine, i never thought you ladies were quitters. >> once in awhile you take one for the team. jimmy fallon hasn't heard the news, just across the street. we were mentioned in a special golden globes edition of jimmy's pros and cons. >> let's listen. >> matt lauer and savannah guthrie from nbc's "today" show will host the golden globes special. hoda and kathie lee will host the golden globes after party booze cruise. that's the one you want to be at. >> that's the one, exactly. who wants to be at the first one? didn't the huffington post say something funny? >> hell has frozen over. >> we're trying to get our graphics together. it was a funny one. there's been a lot of buzz. >> lots of buzz. oh, there it is. hell freezes over. look at you dumping that last bit of wine into the glass. >> cute. >> all righty then. >> there's been quite the dust up over a beautiful young lady who was in the audience watc
're at a disadvantage? >> they're at a huge disadvantage. they expected this to happen. i don't know how far -- they were all focussing on 2015. we'll see. >> and wouven my resolutions was i was going to start stepping out a little fashionwise. so i put this on today. it's not white. it's not blue. it's pink. and i am trying to set some new ground for myself and then -- i mean, i look at that thing that -- why are you on me? why are you on me? who is directing? >> go to andrew. thank you. >> it's a gray shirt. >> can you get any closer on that? >> it looks better -- you have to see the pattern. and then the collar itself, that's one of four different collars you can have on that shirt,ite? that comes off, right? >> no. >> that's one of those detachable. >> i think it does look better on camera. >> it's okay. >> when i look at it on camera, take another shot from andrew's head on. >> does it steal my thunder, sort of? >> it looks better on camera. it really does. >> that's a backhanded compliment. >> no, but we talk about that all the time. it looks better on camera. that looks good on camera
instead be mostly on treating the mentally ill. >> i don't think there are gun control measures that could have prevented the newtown killings or most other mass measures. the key measure we could adopt is to prevent the dangerously mentally ill from getting firearms in the first place. that's where some of the key solutions will come, i believe. >> new york's democratic governor andrew cuomo wants to roll out new gun control measures tonight, according to wcbs news. the report, govern cuomo would like to announce new restrictions on assault weapons and high-compass parliamentary inquiry magazines as well as -- high capacity magazines. >>brian: thanks for the live report. the president has nominated a couple of people, new c.i.a. guy, brennan and hagel to be his defense secretary. we've talked in the past a little bit about brennan's problems. it's very clear that hagel could actually be the most divisive nomination fight in the senate since, what was it, 20 years ago when president george herbert walker bush nominated tower for defense secretary. >>brian: he didn't get it. >>steve: he abs
they are going at it through the money angle. very, very smart process, but i don't think -- they're not staying true to the second amendment. >>steve: you mentioned the current attorney general and his sound bite from back in the 1990's. here is eric holder talking back in 1995 about gun control. think about what he said then and how it applies now. >> what we need to do is change the way in which people think about guns, especially young people, and make it something that's not cool. it's not acceptable. it's not hip to carry a gun anymore. in the way in which we changed our attitudes about cigarettes. when i was growing up, people smoked all the time. both my parents did. but over time we changed the way in which people thought about smoking. now we have people who cower outside of buildings and smoke in private and don't want to admit it. >>alisyn: that was his feeling in 1995. we don't know if that is still eric holder's feeling is today. if there is any common ground, what they've said they all agree on is that the background checks need to be better. even the guns -- the n.r.a. felt that
to withdraw troops because he thinks that he has basically the support of a lot of members of congress who don't necessarily think that this is the best way to spend u.s. dollars so a lot of question marks remaining but again the big headline out of this bilateral meeting between president obama and afghan president hamid karzai is it does appear that the draw down accelerating and waiting to hear, toure, what the troop levels look like after 2014. >> all right. thank you very much. >> reporter: thanks. >>> joining us now is former u.s. ambassador to morocco, mark ginsburg. how are you? >> good to be with you. >> hey, look. we know it's impossible to eradicate the tall been and we know that we have basically decimated al qaeda leadership in afghanistan. is it time to make the afghans grow up and take care of themselves or are the threats there still too great to draw down the forces too much? >> i think that you can answer your question four different ways because it's so confusing when's going on in afghanistan. the problem is ultimately that the afghani military is never going to be ready to
doesn't shoot themselves in the foot in the next two months, which is a possibility, but if they don't, we think the economy is going to do well this year. we think stocks will go higher. inflation is relatively tame, pes relatively low. so even we're at a five-year high, higher and we went down. we think the market is poised to do better over the next year and actually over the next three to five years. >> michael, where are you putting money to work right here at a portfolio manager? >> well, we're putting it all over the place because we run a diversified funds so precious metals, shorter-term bonds because of the potential of higher rates and high grade corporates as well as equity markets, both u.s. and non-u.s. in the short term the stock market can outperform while the economy does not, but in the longer term those two things are going to come back to equilibri equilibrium, so, you know, the market is at a high here, corporate earnings in q3 were very weak. i think q4 earnings will tell a lot, and i think the political dynamic coming up in march is going to be interesting. i d
if there are delays, if there are problems, we don't really have a fallback option so we are down to a few critical paths for supporting the station, and so, the complementary nature between the commercial programs and the conservation program i felt was one of its strengths. the lack of a clear rationale for human exploration beyond the international space station is another serious problem. the administration's approach of being capability driven while it has a certain logic to it also has a lot of vulnerability. and historically i think a more strictly geopolitical approach such as i've talked about the close cold war approach for leading the international cooperation what in fact be a better approach for the united states. there are others that one could take that simply talking about the capabilities absent a strategic rationale that's integrated with other international u.s. interests i think is a very flout path as we are seeing today. >> thank you my time is expired. >> the gentleman from minnesota michigan, mr. clark. >> thank you mr. chair to get funding for nasa is important but especial
with the baldwin house hotel. i don't know if you've opened your substation there yet, but be sure and check and make sure that the boiler system for the hotel proper has been inspected. if you were to check with the department of building inspection you will find that it was the early part of 2004, i filed a complaint regarding the boiler system. it turned out there had been a notice of violation which had been issued against that hotel which went languishing for, like, 6 years and there was a changing of the guard. well, i found out about it and i let pg&e know that they had a water heater, not a boiler there, i spoke to pg&e, spoke to the little guy there, they refused to let the inspector inspect because there was nothing to inspect. i took them to director's hearing and they were required to put a boiler in place so make sure that, a, there's a boiler and b it's current and i want to give a shoutout to my long lost phone spouse. i miss him. once again, i'm in mourning. he's done a good job. >> thank you, miss brison. any further public comment? please come forward. >> my name is
a chance to speak for himself. why all the prejudging, i don't know. >> the senate officially rejected nine cabinet nominations since 1834. the last cabinet nominee rejected by the senate was john tower, nominee for secretary of defense in 1989. >>steve: we also know he was for the iraq war but then was against the iraq war, and then said the surge would never work. then when it worked, he never admitted that it worked. >> that's right. he's been on the intelligence advisory committee of the president and the president feels very close to him. brian. >>brian: all right. thank you very much. meanwhile, let's talk a little bit about this. it's a little rehash of the fiscal cliff. shortly after that was actually passed, our friend steven moore from the "wall street journal" sat down with john boehner, speaker of the house, who was shortly -- after he sat down -- before reelected. john boehner revealed essentially the president's mind-set. john boehner kept talking about, look, mr. president, we've got a spending problem in this country. and the president said we don't have a spending problem.
,some -- somewhere between 3 and 8 million more will lose their homes if we don't do something. it's not in the rearview mirror, in fact, it's out in front of us. there's lots of con we think sos, obviously. first and foremost, it's the families themselves who are disrupted and taken from their homes, and it's worth just thinking about these numbers for a second. i mean, we're talking about three or four or five million more families, that's as many as 20 million more americans. why it's a problem, mike also alluded to, when you're underwater, your behavior changes. you don't spend as much money on anything. the only thing you consume more of, by the way, is health care. because under the stress, you find when you look at those numbers, that's the thing that goes up. so the costs are significant both to the family, but i'd argue to society and, obviously, to the communities in which these people live. foreclosures cost both hard dollars and soft dollars. there are property tax issues, so i say the consequences are felt by all of us. >> mr. miller, do you have anything to add to tha
the drive-thru window? >>brian: you need a quick break but don't have time to sit down and have somebody take your order because you're a ghost. you drive through and go back to scaring people. >>gretchen: let's begin with a fox news alert. the flu going from bad to worse. 44 states reporting a widespread outbreak of cases. in boston the mayor declared a public health emergency. 18 people in massachusetts have died. in ohio a hospital is now requiring all patients with the flu to wear masks. we will have much more on the flu outbreak and a live report from boston a few minutes away. >> call for help for a dozen killer whales fighting for their lives. the twa*els -- whales are trapped under water in quebec with only one hole to get air from and the hole is freezing over. the canadian government is being called on to break the ice and help the whales find water. >>> a ruling could come down as soon as today on whether or not there is enough evidence to put movie massacre k*eul james -- killer james holmes on trial. videos released showing holmes holding a gun and sticking out his tongue. o
of the movies and if you haven't either, don't be embarrassed. you were probably too busy watching "the cycle." >>> loyal lew. the president flushing out the second term cabinet today promoting the chief of staff jack lew to run the treasury. >> so for all of the talk out there about deficit reduction, making sure our books are balanced, this is the guy who did it. three times. over the past year, i have sought jack's advice on virtually every decision from economic policy to foreign policy. >> it signals a shift in white house priorities. if confirmed, lew replaces tim geithner whose background helped him navigate the financial vie sis and new wall street regulations and lew spent three years working with wall street the background is in budget fights and matches washington's new focus. lew was an aide to tip o'neill in the '80s helping score the social security deal with president reagan, led the budget office under president clinton and obama and helping not only to balance the budget in the '90s but generate a surplus. two years ago, he helped negotiate the budget control act. politico pu
. >> absolutely. >> it's the size of the government. it's intrusion in our lives that's the problem here. we don't talk enough about it, the victims of this policy. it's all savers, particularly seniors, it is our children and grandchildren. what we're doing to them is utterly immoral. we've got to come to grips with that. >> senator, what are you going to do for the debt ceiling? is there a plan that gets us -- it's not going to be a grand plan. >> as a matter of fact, yes. the cbo has got a big thick book, and it shows $4.9 trillion of ways we can reduce spending. it's a menu. >> but you don't think we'll be doing that. are you going to vote for -- >> we'll do dollar for dollar, whether $100 billion to increase the debt ceiling, $200 billion. take your pick, mr. president. >> thank you four a great two hours. "squawk on the street" begins right now. >>> congratulations to the alabama crimson tide, winners of the bcs college football championship for a second straight year. a third time in the last four years. what a run. it good morning, welcome to "squawk on the street." i'm melissa lee, live
that you pay your mortgage or you don't. because of that, the securities trade at market. they reflect the fact that there are huge problems in that community. i brought one slide in. right now is a perfect time to put the slide up. just to frame this. just so i can see it here. if that is ok. from one underage fannie mae's third quarter. this is the united states view of the p.l.s. sector with respect to the portion of the bonds they own. they own some of those bonds and under their rules they tell us what they think about the underlying mortgages and these are the numbers you want to look at. fannie mae says there is about $28 billion on their balance sheet, exposure to mortgages in this sector. they expect a 50% default rate. this is before. going forward on their existing holdings. 50% default rate and when it defaults and goes into foreclosure, they expect a 66% loss under that mortgage. half the mortgages, 2/3 of the principal written down. it tells you fannie mae believes there are roughly 2.25 more foreclosures coming. we think fannie and freddie and the banks have other avenue
that but this is a guy that worked for one most prolific speakers of the house and i don't think when jack lew -- when the biography is some point written they'll talk a lot about the work at citigroup but how he is a fix xur of washington. think of that as what you may but he is a fixture of this town and someone, one of those figures who knows how to get things done. >> for a second there, jake, i guess from the sort of progressive perspective, the concern of lew beyond any wall street ties or anything might be that if you welcome at the track record in the 2011 debt ceiling negotiations he was open to pretty significant changes involving social security, medicare, the medicare retirement age. a lot of reporting suggests he was in favor of a deal to raise the medicare retirement age. are we to read anything in to use him as the point man of the negotiations in the upcoming negotiations about where the white house might end up on those questions? >> well, i tell you what republicans are saying today on capitol hill and that is that they see this as a step in the wrong direction which for progressives
the president, please don't send jack lew. during the franl jill debt ceiling negotiations of 2011. it was unbelievable, boehner said. at one point i told the president, keep him out of here. i don't need somebody who just knows how to say no. with the lew pick, all of the president's top four cabinet posts state, defendants, cia, and treasury will be white men. at every briefing this week, reporters have pepper pressed jay carney about what some have dubbed obama's white guy problem. >> this is a couple of appointments. i think it would be useful to wait and make judgments about this issue after the president has made the totality of the appointments that he will make in transition to a second term. >> reporter: of obama's 16 cabinet positions, only two are women. kathleen sebelius and homeland security, janet napolitano. the labor and commerce are open and more will likely become so. it's an usual that can catch fire as we saw during the presidential campaign. >> i went to a number of women's groups and said can can you help us find folks and they brought us binders full of women
you, you don't get any down time. john said, i don't do down time. [ laughter ] >> brennan will face questions about drone strikes that may be more properly direct at the president. republicans may use the confirmation hearings to question about brennan about the attack in benghazi. his focus is on thrift threats in this country. in 2008 brennan withdrew his name from c.i.a. director rather answer questions about water boarding. he privately told mr. obama he opposed. >> john mccain still has questions about what role brennan played in enhanced interrogation and why he publicly seemed to support it and he intends to ask those questions. mccain a long time critic of water boarding. >> bret: thank you. the president's pick to run the c.i.a. spent 25 years there. katherine tells us john brennan may face a contentious battle. >> to his controversial statements that the c.i.a. interrogation program brennan himself acknowledged. >> i told the presidential today i'm the president's assistant on counterterrorism. i told him that i will do better and we will do better as a time teem. >> they
has been around. he understands the system. will his nomination play? we don't know until it's up and vetted and debated. >> okay. am i hearing a yes vote forever chuck hagel? >> i am saying, let's wait and see. >> okay. let's shift gears here. you are one of eight senators to vote against the fiscal cliff deal. now we are preparing for the debt ceiling. do you expect the same contentiousness and loggerheads? >> i think it will be contentious. it should be. we continue to borrow and spend. we don't cut. we are headed down the road to financial destruction, as everybody knows. we do need to pay our debts, but we don't need to keep incurring that debt. that's the argument we should make. we have to come to financial sanity and we are not there yet. i believe at theep of the day, if the president will get involved -- if he will get involved, we could do some good things, but we have to cut spending, we have some type of a grand bargain? i don't know. but we are in better shape than we were on the tax stuff. >> you said you would like to see the president get involved. let's listen to
israel striking iran to prevent this from happening. and nothing has happened. so i don't think anything is going to happen. and iran is going to continue to move forward with its nuclear development project. >> and we'll -- >> we'll have to learn to live with a contained iran rather than preventing the enrichment from happening. >> byron, thank you, for joining us daet. we're going to remember all these. >> byron, we're going to have to have you back before another year goes by. then we're going to have to see -- batting 500 do you think? last year? >> well, last year was a little better than 500. >> okay. >> byron, thank you for being here. join us tomorrow. "squawk on the street" begins right now. >>> good wednesday morning. welcome to "squawk on the street." the show's going well already. i'm carl, with melissa lee, jim cramer and david faber. we have earnings season officially under way. courtesy of alcoa, some pretty decent sentiment this morning. we'll talk about that with cramer in a moment. europe, numbers over there as well. germany industrial production did miss. green arrows
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